March 2009
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Telenor to acquire stake in Unitech Wireless

Telenor has reportedly planned to acquire majority stake in the Indian mobile operator Unitech Wireless. According to the agreement, the initial investment in Unitech Wireless made by Telenor will be worth $1.2 billion, though the operator will now acquire 67.25% stake and not 60%, which it had announced earlier. The subscription of shares will be completed in four phases. After the completion of first phase, which will be done soon, Telenor will own 33.5% stake in Unitech Wireless.(WF) […]

L&T has no plans for tie-up with PE for Satyam

Larsen & Toubro on Tuesday said it has no plans to rope in a private equity partner to jointly bid scam-hit Satyam Computers. “We are not in discussion with private equity firms to jointly bid for Satyam. This is purely speculative,” L&T's Director (Finance) Y M Deosthalee said. He was responding to reports that the engineering major was in talks with Blackstone, the Carlyle Group, Goldman Sachs and Temasek among others to jointly bid for Satyam. […]

Bank Muscat says plans to sell stake in HDFC

Bank Muscat said on Tuesday it had sold 40 percent of its holdings in India's HDFC Bank and planned to sell its entire stake. Oman's largest lender said in a statement on the bourse website that it expected 4 million rials ($10.39 million) to 7 million rials in losses in the first quarter related to its equity portfolio. Bank Muscat has a stake of about 3 percent in HDFC. (ET) […]

IDG Ventures to invest in excess of 25 crore in Indian start ups

In a bid to provide access to entrepreneurial, technology and financial resources in one place to accelerate the success of high-potential technology startups, IDG Ventures India and Microsoft India announced an ‘Early Stage Funding Program’. This partnership will offer dual benefit to the startups registering for Microsoft BizSpark wherein they will get a funding of up to 25 crore rupees by IDG Ventures and access to Microsoft suite including the latest tools and technologies at no cost. The program is open to technology companies that are under three years old, and whose annual revenues are less than Rs 5 crore (US D 1 million). Companies meeting these eligibility criteria will be offered access to development software through Microsoft’s BizSpark program; and asked to send their business plans to IDG Ventures for evaluation. Startups that meet the investment criteria of the VC will be provided access to funding of up to Rs 25 crore. […]